NY Times

By STEVEN R. WEISMAN

Published: March 21, 2007

WASHINGTON, March 20 — For all its efforts to apply economic and political pressure on Iran over its nuclear program, the United States has never used a potentially potent tool in its arsenal — penalties on foreign companies that assist Iran in producing oil and natural gas.

That may be about to change. The Bush administration has quietly been warning energy companies, including Shell, Repsol and SKS, the Malaysian oil company, as well as the governments of China, India, Pakistan and Malaysia, that penalties are possible if they pursue energy deals with Iran.

As a result, several huge projects planned for Iran could be vulnerable. These include one possible $10 billion project by Royal Dutch Shell and the Spanish oil company, Repsol YPF, to develop a natural gas field offshore in Iran, and a $20 billion venture by SKS Ventures of Malaysia to produce natural gas in Iran’s Golshan and Ferdows fields.

In recent months, the administration has tried to avoid diplomatic or political controversies as a result of its jawboning. But the potential for sanctions is posing a quandary for the administration by setting up a possible fight with Europe if it proceeds with them or a fight with Congress if it does not. Click here to read the rest of this article.

By STEPHANIE SAUL

Published: March 15, 2007

The most widely prescribed sleeping pills can cause strange behavior like driving and eating while asleep, the Food and Drug Administration said yesterday, announcing that strong new warnings will be placed on the labels of 13 drugs.

The agency also ordered the makers of the well-known drugs Ambien and Lunesta and the producers of 11 other commonly used sleeping pills to create patient fliers explaining how to use them safely.

The fliers, which the agency says it requires when it sees a significant public health concern, will be handed out at pharmacies when consumers fill their prescriptions. Click here to read the rest of this article.

By JEREMY W. PETERS

Published: March 16, 2007

The government’s measure of inflation at the producer level rose sharply in February, reflecting a broad increase in prices on everything from gasoline to cigarettes.

The Labor Department said today that its producer price index, which takes account of the prices businesses charge one another, rose 1.3 percent last month after falling 0.6 percent in January. The rise was a reminder that while inflation may have settled down somewhat, it still remains a significant threat to the economy.

In recent weeks, stock markets worldwide have been jolted by fears that the United States economy is more vulnerable to a downturn than economists initially thought. But Wall Street appeared unmoved by the report today. In early trading, stocks were little changed from yesterday, despite the fact that investors were expecting tamer numbers. Economists predicted inflation to tick up only 0.5 percent last month, according to a survey by Bloomberg News. Click here to read the rest of this article.

By NICK BUNKLEY

Published: March 13, 2007

DETROIT, March 12 — The Ford Motor Company said today that it would sell Aston Martin, maker of the upscale British sports cars favored by James Bond, to a group of investors that includes the racing mogul David Richards and a pair of Kuwaiti companies.

The deal values Aston Martin at $925 million. Ford will retain a $77 million investment in the company, or about 8 percent, according to a statement Ford issued this morning.

The sale is expected to close during the second quarter.

Aston Martin is the first nameplate sold by Ford since it announced a revamping plan last year that it calls the Way Forward. Ford, the second-largest American automaker behind General Motors, lost $12.7 billion in 2006. Click here to read the rest of this article.

By JEREMY W. PETERS

Published: March 10, 2007

Job growth slowed last month but still remained firm, the government reported today, in the latest sign that the job market is holding up despite other signs of economic weakness.

The Labor Department reported that total nonfarm employment rose in February by 97,000 — slightly more than analysts were expecting. It also revised up previous estimates for employment in January in December to reflect an additional 55,000 jobs.

At the same time, the national unemployment rate fell to 4.5 percent from 4.6 percent.

Workers’ average hourly earnings continued to rise at a strong pace. The average employee in a nonmanagement job earned 4.1 percent more in February than in the month a year earlier. Average hourly pay jumped to $17.16 from $16.49 in February 2006. Click here to read the rest of this post. 

By ANDREW MARTIN

Published: March 7, 2007

That may strike some as an oxymoron. But for Coca-Cola and PepsiCo, it’s a marketing opportunity.

In coming months, both companies will introduce new carbonated drinks that are fortified with vitamins and minerals: Diet Coke Plus and Tava, which is PepsiCo’s new offering.

They will be promoted as “sparkling beverages.” The companies are not calling them soft drinks because people are turning away from traditional soda, which has been hurt in part by publicity about its link to obesity.

While the soda business remains a $68 billion industry in the United States, consumers are increasingly reaching for bottled water, sparkling juices and green tea drinks. In 2005, the amount of soda sold in this country dropped for the first time in recent history. Even the diet soda business has slowed. Click here to read the rest of this post.

By HEATHER TIMMONS

Published: March 6, 2007

NEW DELHI, March 6 — The five-day slide in Asian stock markets halted today, as investors took advantage of low prices and started buying again, sparking relief in the region.

Equity markets in Asia started the morning strong and were still showing 1 to 2 percent gains by their close, boosting early trading in Europe. Hong Kong’s Hang Seng closed up 2.1 percent at 19,058.56, more than halving Monday’s losses.

Japan’s Nikkei gained 1.22 percent to 16,844.50. India’s Sensex was the biggest gainer of the region’s main indices, and traded up as much as 2.78 percent in the afternoon before closing at 12,760.10. In London, the FTSE 100 index was up by nearly 1 percent in late morning trading at 6,111.80. The Frankfurt and Paris stock markets were also higher.Click Here to read the rest of this article.

By LOUISE STORY

Published: March 2, 2007

AS if Americans do not already watch enough television, there are digital TV networks popping up on screens in groceries, office buildings, retail stores, on gas pumps, and just about every place imaginable.

Advertisers increasingly want to reach consumers outside of their homes in places where they cannot avoid ads. TV screens in shops and malls display ads to people when they are closest to their wallets, and some advertising executives think point-of-purchase advertising may yield the highest increase in sales.

“People aren’t thinking about toilet cleaner during the Super Bowl,” said Stephen Diorio, a partner at Profitable Channels, a marketing company based in Westport, Conn. “But when they’re waiting in line at the supermarket, thinking ‘did I get everything on my list,’ that’s probably the one time they want to think about it.”

As advertisers grow more interested in these so-called place-based video screens, retailers and companies that manage the networks are developing national standards for buying and measuring such ads. Stores like Wal-Mart and Albertsons encourage advertisers to think of their real estate as an advertising medium and their shoppers as viewers. To read the rest of this article, click here.

By JEREMY W. PETERS and WAYNE ARNOLD

Published: March 2, 2007

Stocks prices dropped sharply at the opening bell of the New York Stock Exchange today, sending the Dow Jones industrial average plummeting more than 200 points in the first minutes of trading, but later recovered and were down less than 1 percent in mid-morning trading.
The selling wiped out at first the modest advances in the stock market on Wednesday. After Tuesday’s drastic global stock sell-off in which the Dow dropped 416 points, the American market had shown tentative signs of recovery. Investors appeared calmed by comments from Ben S. Bernanke, the Federal Reserve chairman, that he saw little cause for concern about the recent market woes. And markets in China, where the trouble began on Tuesday, had started to level off.

But another slump in Chinese stocks overnight, combined with a third day of heavy selling in Europe’s biggest stock markets, darkened the mood on Wall Street before trading began at 9:30 a.m. By 9:33 a.m., three minutes after the opening bell, the Dow had fallen 208 points. Stocks trimmed much of their losses just after 10 a.m., when a report on manufacturing activity showed an unexpected rise this month. To read the rest of this article, click here.

Published: February 27, 2007

WASHINGTON (AP) — Mortgage finance giant Freddie Mac said Tuesday it would no longer buy high-risk home mortgages that it deems to be highly vulnerable to foreclosure, in a surprise move that came amid a deteriorating market for subprime loans affected by slumping home prices and rising interest rates

The government-sponsored company, which is the second-biggest financer of home loans in the United States, said it will begin using stricter standards for mortgages that it buys — including limiting the use of loans requiring less documentation of the borrower’s status than conventional mortgages.

“The steps we are taking today will provide more protection to consumers and enhance the level of underwriting standards in the market,” Richard Syron, Freddie Mac’s chairman and CEO, said in a statement.

The changes will take effect Sept. 1, the company said, to avoid disrupting the mortgage market. To read the rest of this post click here.